The Da Nang city People’s Committee has approved the Basal Pay, the country’s first crypto asset conversion project, operating within the city’s controlled fintech sandbox environment.

Vietnam’s push for science, technology, and digital innovation is strong, but outdated regulations and misaligned local implementation threaten to hold startups back.

The Law on Science, Technology, and Innovation officially introduces a new legal tool called the “sandbox mechanism” to allow controlled testing of new models, technologies, or policies within defined timeframes and scopes.

Translating resolutions into real actions requires strong State and enterprise participation. With the right policies, the private sector can make breakthroughs and become a solid pillar of the national economy.

A startup involved in research in robots, automation-guided cars, and drones hopes for a one-stop sandbox mechanism to drive breakthroughs in innovation when implementing Resolution 57.

Hanoi is set to introduce a controlled experimentation (sandbox) framework, aiming to rapidly harness technological advancements and propel the entrepreneurial spirit within the city.

Banks and businesses have long been waiting for a legal framework covering Việt Nam's fintech development, said industry experts and insiders.